Warehouse
For Sale
$570,000
1812 Lakeshore Drive, Muskegon, MI 49441
COMMERCIAL - Muskegon, MI
Property Size9,690 SF
Lot Size0.22 Acres
Price / SF$58.82
Days on Market1587
Property Features for 1812 Lakeshore Drive
General Information
Property type
Commercial Sale
Property subtype
Retail
Zoning description
Form-Based Code
Interior features
Broadband
Elementary school district
Muskegon
Middle school district
Muskegon
High school district
Muskegon
Directions
Lakeshore drive to Estes Stree
Subdivision
Muskegon County - M
Standard status
Active
APN
6124205596000100
Size
9,690 SF
Lot size
0.22 Acres
Taxes and HOA fees
Tax Year
2021
Tax Description
See attached description
Tax Annual Amount
3500
Legal Description
See attached description
Utilities
Utilities
Cable Available
Heating system
Space Heater
Building Details
Year built
1903
Floors in Building
1
Number of units
1
Listing Agency:
Coldwell Banker Woodland Schmidt Grand Haven
(616) 844-9000
Listed By:
Buffy Schichtel
(231) 855-7585
Added: Apr 21, 2022
Changed: Aug 4
Last Checked: Aug 24 at 1:06PM
MLS# 22013884
Copyright © 2026 Michigan Regional Information Center, LLC. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
This 9,690-square-foot warehouse building dates to 1903 and is currently occupied for warehouse and storage purposes. The property includes broadband, cable availability, and space heating. Its 0.22-acre site is located within Muskegon’s Lakeside District and is subject to form-based code, a land development framework focused on physical building form and the public realm.
The property is positioned on Lakeshore Drive near the Cross Lake Ferry and Great Lakes Marina. The surrounding Lakeside area includes entertainment and retail establishments, while Pere Marquette Beach and the Lake Michigan Fast Ferry are also identified in the surrounding context.
The property is positioned on Lakeshore Drive near the Cross Lake Ferry and Great Lakes Marina. The surrounding Lakeside area includes entertainment and retail establishments, while Pere Marquette Beach and the Lake Michigan Fast Ferry are also identified in the surrounding context.
Key Highlights
- 9,690‑square‑foot warehouse building
- Current warehouse and storage occupancy
- 0.22‑acre site in Muskegon’s Lakeside District
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$41,832
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.34%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$836,640
$836.6K
Cap Rate 7%
$597,600
$597.6K
Cap Rate 9%
$464,800
$464.8K
Market Conditions
NOI Build-Up for 9,690 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$66.3K $6.84/SF
− Vacancy
−$1.9K −$0.20/SF
EGI
$64.4K $6.64/SF
− OpEx
−$22.5K −$2.32/SF
NOI
$41.8K $4.32/SF
Area
Muskegon County, MI
Vacancy
2.90%
Lease Rate
$6.84 /SF/Yr
Expense Ratio
35.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$836,640
Cap Rate 7%
$597,600
Cap Rate 9%
$464,800
Alternative Uses
Best Use
Warehouse
$1.61M
$1.41M – $1.88M
NOI $112,865 @ 7.0% cap · market cap 19.80%
Second Best
Industrial
$1.33M
$1.16M – $1.55M
NOI $92,948 @ 7.0% cap · market cap 16.31%
Theoretical Best
Hotel Hospitality
$91.00M
$79.62M – $106.17M
NOI $6,369,938 @ 7.0% cap · market cap 1,117.53%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Location Intelligence
Trade Area within ½ mile
161
Businesses Nearby
Under-served
Demand for This Use
Explore this area
Business Placement
Demographics for 49441, MI
36,886
Population
16,491
Households
2.2
Avg Household Size
43
Median Age
28%
College-Educated
94%
High-School Grad
21.7 sq mi
ZIP Area
1,700
Density / Sq Mi
$65,235
Median Household Income
$38,132
Median Earnings
$1,080
Median Rent
$194,000
Median Home Value
Market
Vacancy Rate% for Industrial in Midwest region
Questions? Ask Rey
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Similar Off Market Nearby
- Safe Harbor Great Lakes — 1920 Lakeshore Dr, Muskegon, MI 49441
Frequently Asked Questions
What type of property is this?
Warehouse - Existing warehouse and storage use with broadband, cable availability, and space heating.
Where is this warehouse located?
The property is located at 1812 Lakeshore Drive Muskegon, MI.
What is the asking price?
The asking price for this property is $570,000.
What are key features of this property?
This property features: 9,690‑square‑foot warehouse building; Current warehouse and storage occupancy; 0.22‑acre site in Muskegon’s Lakeside District
